Spot Demand Returns, PMI Data + Shutdown Optimism Bolsters Crypto Rebound

Discussed in today’s video:

• Spot-led rebound: Today’s crypto rally was driven mainly by spot demand, not short covering. Open interest rose as funding rates declined, and a brief Coinbase premium indicated strong U.S. buying.
• Growth-positive data: ISM Services PMI came in at 52.4, easing growth concerns.
• Shutdown progress: Post-election tone in Congress suggests movement toward resolving the government shutdown, which would be liquidity positive as Treasury outflows resume and reserves rebuild.
• Tariff headline risk: The Supreme Court’s review of Trump-era tariffs saw prediction-market odds of their survival collapse, creating a potential upside catalyst if they are struck down.
• HYPE resilience: Hyperliquid continues to show notable relative strength, holding above its October lows and nearly turning positive on the week.

Tickers in this video: BTC 1.61% HYPE 1.92%